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Gold Boom: Central Banks And Investors Drive Record Demand In 2024

Global gold demand soared to an all-time high in 2024, driven by aggressive central bank purchases and a surge in investment interest, according to the World Gold Council’s annual report.

Key Figures

  • Nearly 5,000 tonnes of gold were traded last year, surpassing the 4,899 tonnes recorded in 2023, including over-the-counter (OTC) investments.
  • Central banks continued their buying spree, surpassing 1,000 tonnes of purchases for the third consecutive year.
  • The National Bank of Poland emerged as the top buyer, adding 90 tonnes to its reserves, followed by Turkey (75 tonnes) and India, which made steady purchases throughout the year.

What’s Next?

Gold prices shattered 40 all-time highs last year and continue to rise in 2025. Futures on the New York Mercantile Exchange (NYMEX) climbed to $2,875.8 per ounce this week, according to FactSet.

With rate cuts expected, the opportunity cost of holding gold is likely to decrease, keeping investment demand stable.

Investment Surge

  • Total gold investment jumped 25% to a four-year high of 1,180 tonnes, primarily fueled by ETFs.
  • Demand for gold bars and coins remained steady, with robust purchases in China and India.
  • India’s gold demand spiked following a government reduction in import duties from 15% to 6% in July.
  • Across ASEAN nations, including Singapore, Indonesia, Malaysia, and Thailand, investment demand saw double-digit growth.
  • Wealthy investors continued to hedge risks through OTC gold investments, which operate outside traditional exchanges.

Jewelry Market Struggles

Despite the bullish investment climate, gold jewelry demand fell 11% year-on-year, making it the only segment to decline. High gold prices and sluggish economic growth are expected to keep demand weak in 2025, according to analysts.

While central banks and investors drive record-breaking gold purchases, consumer markets remain under pressure, setting the stage for another year of market shifts in 2025.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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